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I was talking to a couple yesterday afternoon. They were complaining to me about the realtor that they just got rid of. Of course my ears perked open a little bit more. They told me that their realtor told them that in order to be competitive in the market that they would have to drop their price $40k.
They refused.
18 months on the market, without a bite.
This time the realtor was right.
All realtor aren't bad guys.
To add to what JM said, it will be getting uglier before it gets better.
Agreed, we're not all bad. Today's reality is that sellers have their head in the clouds when it comes to pricing their home. "but the neighbors got $450k for their house and ours is much nicer..." Today's market isn't yesterday's market and the market in 6 months won't be what it is today. Sellers in the current market should price to sell if they SERIOUSLY expect to sell.
Quote:
Originally Posted by CuCullin
Which makes for a rather profitable time in the market, imho. Much like houses, I don't purchase investments to wait a few months and see some ridiculous increase. You pick your purchase carefully, and expect it to take time.
This seems to be lost on many investors today, real estate or not - the quick buck gets them. Then they don't understand how you can't make that quick dollar anymore, and get scared - emotion is never good in any investment - and they book, cutting their losses. Or, they got emotional and purchased when they couldn't afford it, and are unwilling to cut their losses because they are attached to that big number too much.
Either way, it will continue to effect the RE and stock markets. I will continue to buy up everyone else's mistake (thats worth it) I can afford.
Someone else who understands supply and demand. It's simple economics folks... Supply and Demand guide pricing of ALL goods/services. The surplus supply right now has driven prices down which makes for 'prime pickin's' as the saying goes.. for those that have the ability and insight to make a move now.
I was talking to a couple yesterday afternoon. They were complaining to me about the realtor that they just got rid of. Of course my ears perked open a little bit more. They told me that their realtor told them that in order to be competitive in the market that they would have to drop their price $40k.
They refused.
18 months on the market, without a bite.
This time the realtor was right.
All realtor aren't bad guys.
To add to what JM said, it will be getting uglier before it gets better.
Seller cuts price, broker gets a lower commission. The broker wants to make the sale. Can't the sellers see that?
Which makes for a rather profitable time in the market, imho. Much like houses, I don't purchase investments to wait a few months and see some ridiculous increase. You pick your purchase carefully, and expect it to take time.
This seems to be lost on many investors today, real estate or not - the quick buck gets them. Then they don't understand how you can't make that quick dollar anymore, and get scared - emotion is never good in any investment - and they book, cutting their losses. Or, they got emotional and purchased when they couldn't afford it, and are unwilling to cut their losses because they are attached to that big number too much.
Either way, it will continue to effect the RE and stock markets. I will continue to buy up everyone else's mistake (thats worth it) I can afford.
Good post. Do your homework, buy wisely and ride out the cycles. Selling during a down market should be one's last resort.
yigh, yigh, yigh...how many times must I say this people:
"Your house is worth what someone is willing to pay." PERIOD!!!!!~
Have a nice day!
~Shanny
Offically your house is worth the maximum amount any group of people will pay at any given point in time. The reason the above statement is so simple as to be useless is that there are plenty of people who sell ultra low out of ignorance or desperation and leave value "on the table" the reverse is true with people who over pay, so that would not be a true reflection of what a house is worth or what the standard "real" market will bear.
Offically your house is worth the maximum amount any group of people will pay at any given point in time. The reason the above statement is so simple as to be useless is that there are plenty of people who sell ultra low out of ignorance or desperation and leave value "on the table" the reverse is true with people who over pay, so that would not be a true reflection of what a house is worth or what the standard "real" market will bear.
That says the same thing. You just say it a bit fancier.
All I am saying is that if you don't like what offers are coming in for your home, pull the property off the market and wait for better days.
Quite simple....really! Desperation is at the discretion of the sellers.
I will bet the houses down where you are arent dropping Shanny, they get a million for a lil shack down there. Are you going to be there over ths summer btw?
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